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Today's WWD takes a lengthy look at the changing retail scene in lower Manhattan. To sum, four different areas are responsible for the upcoming influx of new tenants: "The World Trade Center and Brookfield Place are bringing a total of 615,000 square feet of retail space to the market. In addition, Fulton Street Transit Center has 70,000 square feet of upscale retail space to fill and the South Street Seaport is also looking for tenants."
Most of the WTC retail, which WWD reports will include a mix of upscale tenants and food shops, will be anchored in the Ground Zero transportation hub. Overall, stores here will occupy five different levels: three above ground, and two below.
Brookfield Place is taking a similar approach, and has announced that it is focusing on luxury brands to fill its 200,000 square feet of retail space. To snag those, the center is in the midst of renovation, which includes "structural changes and high-end finishes" that will "speak to the luxury crowd." Edward Hogan, Brookfield's national director of retail leasing, adds, "We're creating a Fifth Avenue-like streetscape facing the 9/11 Memorial that will be several blocks long."
However, not all of Brookfield will mirror uptown. Hogan adds that the second level of the property will "be merchandised like a NoLIta neighborhood." But in order to make way for all of those new neighbors, current tenants will have to vacate. The article adds that by the end of the year, Banana Republic and Ann Taylor will leave their storefronts.
· New York's Next Hub [WWD]
· Above-Ground Shopping Center Gets the Thumbs Up at WTC [Racked NY]
· Retail Stores to Replace the Courtyard Eateries at the WFC [Racked NY]